SoFi Technologies is set to be the first US bank to utilize the Bitcoin network and the Universal Money Address (UMA) through a partnership with Lightspark. This new functionality will enable users to send money internationally, starting with Mexico, leveraging the Bitcoin Lightning Network. SoFi CEO, Anthony Noto, emphasized the importance of quick and cost-effective international transfers for many customers. The service, which will launch later this year, allows real-time currency conversion and manages cross-border payments directly to recipients' bank accounts. SoFi assures users that transaction costs will be lower than the national average, with exchange rates and fees being transparent before sending any funds. This move places SoFi in a competitive position within the $740 billion global remittance market and builds on Lightspark's previous success, having integrated its infrastructure with Coinbase a year earlier. The launch signals an evolving financial landscape as digital banks like SoFi seek innovative solutions to accommodate customer needs.

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